The Artisan

Hoboken still a “hot” Real Estate market apparently

To most people – whether a rental property like The Artisan building at 14th Street between Clinton and Grand Streets gets sold and “changes hands” might not seem like a big deal. But when “big shots” in the Real Estate world like LaSalle Investment Management get involved, it is supposedly a testament to the “strength” of the Hoboken rental market. Read on and see if you agree with that statement…

The Artisan sold for $33.5m – Just five months after leasing commenced

Argo Real Estate and Alpine Development announced this week that The Artisan, a 59-unit luxury residential development located at 1400 Clinton Street and 1440 Grand Street in Hoboken, NJ, has been sold for $33.55 million. The 102,000-square-foot, six-story, mixed-use building is comprised of two separate four-story apartment towers joined by a two-story base retail space. The property was purchased by LaSalle Investment Management in an off-market transaction.

Argo Real Estate, one of New York City’s longest-standing independent real estate companies, partnered with Alpine Development in a joint-venture for the project. They received a $16 million loan from Sovereign Bank in August 2012 to finance construction of the mixed-use development and began leasing of the 59 luxury residential units in October 2013.

With The Marketing Directors, Inc. as the exclusive marketing and leasing agent for the property, residential units at The Artisan were fully leased within four months.

For more than 60 years Argo has operated a property management, brokerage, and development firm in New York City. The Artisan marked Argo’s first development foray into the New Jersey residential market. Prior to this development, Argo completed several gut-rehabs including 562 West End Avenue.

“LaSalle Investment Management recognized that this development truly brought luxury loft-style living to the Hoboken residential rental market,” said Mark Moskowitz, CEO of Argo Real Estate. “Throughout construction, the entire development team remained dedicated to ensuring that The Artisan offered the highest quality amenities.”

The Artisan features luxury lifestyle amenities, including a state-of-the-art fitness center; lounge with catering kitchen, business bar, billiards and flat screen television, private courtyard with outdoor seating and fire pit, package room, and an on-site parking garage – all within walking distance from area transportation including the Light Rail, NY Waterways Ferry and local bus service.

Loft-style apartments feature soaring 9’4” ceilings, Golden Oak hardwood floors, Pella double-glazed Architect Series windows, in-home washer/dryers and floor to ceiling windows and private roof decks in select homes. Prices range from one-bedroom’s starting in the $2,400’s, two-bedroom’s starting in the $3,200’s, and three-bedroom’s starting in the $4,500’s. Ten of the 59 units are live/work style apartments and a gallery is located on the second base floor with an entryway on the first.

The Artisan is conveniently located near the last express bus stop before Manhattan, making the ride to the city a mere 15 minutes. The development is also adjacent to the 14th Street viaduct beautification project, which will provide green space and pedestrian throughways leading directly to 1400 Clinton Street and 1440 Grand Street upon completion.

Argo Real Estate is one of New York City’s longest-standing independent real estate companies. For more than half a century, Argo has set the standard for hands-on, consumer-focused, and ethical service as an owner/manager, third-party manager, and broker. Its portfolio includes residential and commercial holdings in Manhattan, Queens, the Bronx and New Jersey, with 5,500 units owned and managed by Argo, and 6,500 units managed on behalf of condominiums and cooperatives. The firm also specializes in converting buildings and has successfully transitioned numerous residential rentals to cooperatives and condominiums, covering all aspects from design, renovation and sales. Argo and its staff, many of whom have been with the company for decades, maintain a hands-on, client-driven philosophy. Mark Moskowitz leads the firm, which was founded in 1952 by his father Henry Moskowitz (1906-2008). www.argo.com

Alpine Development is led by William Rosato and specializes in high-quality, urban, multi-family developments. Mr. Rosato has over 20 years of experience in planning, designing and building residential developments, and has developed over 1,000 residential units in Hoboken over the past 10 years. www.alpinedevelopment.co

The Artisan – Hoboken, NJ – 1400 Clinton Street

11/13/2013 Original Update:

Wondering what’s going on at that new building adjacent to the 14th Street Viaduct? Well – it’s The Artisan, and leasing has begun. Almost half are already spoken for, so hurry up and read more below!

Leasing Commences at 1400 Clinton Street in Hoboken, NJ

Leasing of the new residential luxury, loft-style apartments at The Artisan, located at 1400 Clinton Street and 1440 Grand Street in the North West section of Hoboken, N.J. began on Oct. 15th. The Artisan, approximately 102,000-square-feet, is a six-story mixed-use building comprised of two separate four-story apartment towers, consisting of 59 luxury rental units, joined by a two-story base retail space. Ten of the 59 units will be live/work style apartments and a gallery will be located on the second base floor with an entryway on the first.

Alpine Development partnered with Argo Real Estate, one of New York City’s longest-standing independent real estate companies, in a joint-venture for the project. The Marketing Directors, Inc. will be the exclusive marketing and leasing agent for the property.

The property features luxury lifestyle amenities, including a state-of-the-art fitness center; lounge with catering kitchen, business bar, billiards and flat screen television, private courtyard with outdoor seating and fire pit, package room, and an on-site parking garage – all within walking distance from area transportation including the Light Rail, NY Waterways Ferry and local bus service.

The Artisan is conveniently located near the last express bus stop before Manhattan, making the ride to the city a mere 15 minutes, and situated along the Path train currently in development in two directions: west from the Hudson River and Ferry terminal down 14th Street, and from the Path north towards 14th Street. The development is also adjacent to the 14th Street viaduct beautification project, which will provide green space and pedestrian throughways leading directly to 1400 Clinton Street and 1440 Grand Street upon completion.

What is this path development up to 14th st and west the post is referencing? Anyone know?

“The Artisan is conveniently located near the last express bus stop before Manhattan, making the ride to the city a mere 15 minutes, and situated along the Path train currently in development in two directions: west from the Hudson River and Ferry terminal down 14th Street, and from the Path north towards 14th Street”[quote comment=”222018″]From their website….LIFESTYLE AMENITIES State-of-the-art fitness center including free weights and cardio/weight training equipment Residence lounge with catering kitchen, business bar, billiards and flat screen Televisions Private courtyard with outdoor seating and fire pit 5,000 sf art gallery on two floors **On-site parking garage available**[/quote]